We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

Hi @Chris EhrhartThere are two prices in a negotiation, one is the offer counting multiple factors, mainly Cap rate and visible repairs when is a investment property.The other one is when you do an inspection.You listed 5 items here so I'll comment on each one:- Electric panels, this is likely to be found during inspection.

I ran the numbers and looks like a good deal (7% cap rate, 5% ROI, and ROI will improve as the years go by).

Understand the 50% expense rule especially as it relates to cap ex.

Our company caps our 30 year DSCR loans at 80% LTV (putting down 20%).

Or at least what are investors looking for today as far as return and cap rates?

The City/County/State rent caps only apply to leases that are being renewed. 

They found that cap-x kept gobbling up revenues and it was a net-0.

Did RE Cap Rates generally follow higher, along with the sky-high interest rates?

So my area has sub 6% cap rates.